Pensky Files Down Variety Staff

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A month after purchasing Variety from Reed Elsevier (see "TUOL" post 10/10/12), Penske Media Corp. ("PMC") has slashed 12 percent of the entertainment industry newspaper's 165-person workforce, the Los Angeles Times reports.

No reporters or editors are among the 20 employees being let go, the Times article notes. Media mogul Jay Penske purportedly has retained consultants to advise him about reducing the frequency of publication of the print edition of the Daily Variety. A weekly version of Variety is currently published as well.

According to the Times piece, Penske plans to tear down the online edition's paywall during the first quarter of 2013.